Swap is one of the companies that undertook the challenge of building the bank of the future. The Mexican app was launched in late 2015 on iOS and Android - thanks to Swap users can send money to any contact on their phone (regardless if they have Swap or not) and any bank account, in seconds. That also includes sending money to whomever they are chatting with through WhatsApp.
We talked to Bruno Ramos Berho, the founder & CEO of Swap, a P2P mobile payment app. All he needed to take a leap forward was a design team with top fintech experience. Swap's CEO found one at Netguru.
Bruno Ramos Berho: We launched the product three years ago. The idea was to create a convenient mobile wallet you can send money with. The core of the product was simplicity. Just choose a contact on your phone and tap to make a transfer.
Here in Mexico, bank money transfers are complicated. We still make most of the payments with cash, while banks offer complex services. It often takes two hours to make a payment. In this environment, we were looking for a solution that would make money transfers as simple as WhatsApp messaging.
We bootstrapped the project on our own. First just me, then a co-founder joined me, and then we formed a development team.
The goal was to build the app in-house. We did hire a software development agency for a quick release of an Android app, but we knew it was just a temporary solution since we wanted to have in-house control of the project.
How did you come across Netguru?
In our team, we don't have a UI and UX designer. We had no problems delivering a quality user experience as long as the product was simple. Six months ago we realized that adding new functionalities had created some friction inside the app. We concluded that it might hinder our growth as some of the new users might have felt lost.
We decided it was time for a significant upgrade, and we needed to rebuild the app and introduce a brand new UI and UX. We were going to add new features, and the old interface version couldn't support them.
We did our research and approached some agencies. The banking apps made by Netguru really stood out. It was what we were looking for as we wanted to implement the best, world-class design.
What features are you going to introduce?
Right now we are offering payments to anyone - any email, any user, any bank account. With Swap, you can send money through social media using your keyboard. We want to introduce a possibility of paying bills with Swap. We are also launching a card, just like Revolut or Monzo. You can already plug-in any card to Swap (including Revolut and Monzo).
Additionally, we want to improve the reports and personal finance management features that help our app users control their spending.
What are your plans?
At the moment, we have over 85k users in Mexico. We are processing 75 million dollars per month. We have already launched Swap credit, which is gaining popularity.
As for the financing, we have closed a pre-series A of 1.2 million dollars. The next natural step is to raise series A.
Did you find the design by Netguru useful?
Absolutely. All the design is ready. We finished working on it together in December. The Netguru team gave us all the resources we needed to implement the design.
At the moment, we have a prototype of the new app running. We made some adjustments after receiving feedback from the users. We like the design and are very happy we could take over the design created by Netguru and work on it further on our own. The cooperation was very smooth. In about two months Netguru has delivered satisfactory results.
It's an ongoing process, and we needed the help of an experienced team that had already done some top fintech projects to take a leap forward. Now we will work on it and adjust it to the needs of Swap users. We'll introduce them in our MVP.
It was great working with Netguru. I'm confident it was an excellent decision to get you involved in redesigning the Swap app.